Steelcase Q2, 2022 Earnings Presentation
Appendix
Non-GAAP financial measures
This presentation contains non-GAAP financial measures. A "non-GAAP
financial measure" is defined as a numerical measure of a company's
financial performance that excludes or includes amounts so as to be different
than the most directly comparable measure calculated and presented in
accordance with GAAP in the condensed consolidated statements of
operations, balance sheets or statements of cash flows of the company.
Pursuant to the requirements of Regulation G, the company has provided a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measures. The non-GAAP financial measures
used within this presentation are: (1) adjusted operating income (loss), which
represents operating income (loss), excluding restructuring costs and
goodwill and intangible asset impairment charges, (2) adjusted operating
income (loss) margin, which represents operating income (loss) margin,
excluding restructuring costs and goodwill and intangible asset impairment
charges,
(3) adjusted Earnings Before Interest, Taxes and Depreciation and Amortization
(EBITDA), which represents EBITDA, excluding restructuring and goodwill and
intangible asset impairment charges, (4) adjusted Earnings Before Interest Taxes
and Depreciation and Amortization (EBITDA) margin, which represents adjusted
EBITDA as a percentage of revenue, (5) total debt to adjusted EBITDA ratio, which
represents total debt divided by adjusted EBITDA and (6) adjusted return on
invested capital (ROIC), which represents income before income tax expense,
excluding interest expense, restructuring costs and goodwill and intangible asset
impairment charges, less income tax expense at an assumed long-term effective tax
rate, divided by average capital (defined as the average of total debt and
shareholders' equity at the beginning and end of the applicable period). These
measures are presented because management uses this information to monitor and
evaluate financial results and trends. Therefore, management believes this
information also useful for investors.
ADJUSTED OPERATING INCOME
$ Million
FY08 FY09 FY10 FY11
FY12 FY13
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 TFQ
Operating Income/(Loss) $203
$1
($12) $52
$97
$59
$166 $137
$170
$196 $155
$184 $257 $43
$9
as Restated*
Restructuring Costs
$38
$35
$31
$31
$35
$7
$41
$20
$5
$28
$13
Goodwill and intangible
$21
$65
$60
$13
$18
asset impairment charges
Adjusted Operating Income $225
$107
$27
$83
$124
$151 $180
$178
$190
$201
$155
$184 $257 $89
$22
*
*Operating income restated due to implementation of ASU No. 2017-07, Compensation
- Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information.
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